Resolution BCB No. 443 — Regulates the payment arrangement for the boleto, the species of the boleto instrument, its issuance and presentation forms, and the settlement of associated fund transfers — BCB — BR

RESOLUTION BCB NO. 443, OF DECEMBER 12, 2024

Regulates the payment arrangement for the boleto, the species of the boleto instrument, its issuance and presentation forms, as well as the method of settlement of fund transfers associated with it.

The Collegiate Board of the Central Bank of Brazil, in a session held on December 12, 2024, based on arts. 9 and 11, caput, item VI, of Law No. 4,595, of December 31, 1964, on art. 10 of Law No. 10,214, of March 27, 2001, and on art. 9 of Law No. 12,865, of October 9, 2013, and in view of the provisions of arts. 4 and 12 of Resolution CMN No. 4,952, of September 30, 2021, in Resolution No. 4,557, of February 23, 2017, and in Resolution BCB No. 150, of October 6, 2021,

R E S O L V E:

CHAPTER I
OF THE OBJECT AND SCOPE OF APPLICATION

Art.
1º This Resolution regulates the payment arrangement for the boleto, the species of the boleto instrument, its issuance and forms of presentation, as well as the method of settlement of fund transfers associated with it.

CHAPTER II
OF THE PAYMENT ARRANGEMENT FOR THE BOLETO

Art.
2º Institutions authorized to operate by the Central Bank of Brazil may participate in the payment arrangement for the boleto:

providers of deposit accounts or pre-paid payment accounts, in the
condition of issuers, recipients and receivers of the boleto payment instrument; and

non-providers of deposit accounts or pre-paid payment accounts, in the
condition of recipient or receiver institution of the collection boletos in which they appear as beneficiaries.

Art.
3º For the purposes of this Resolution, the following are considered:

beneficiary:

a) original creditor or holder of the right whose obligation is the subject of the collection mentioned in art. 4, caput, item I;

b) provider of products and services and proposer of the contract or association mentioned in art. 4, caput, item II; and

c) holder of the deposit account or pre-paid payment account benefiting from the deposit or contribution mentioned in art. 4, caput, item III;

third-party enabler: legal entity that enters into a contract with an issuing institution to, on behalf of that institution, enable beneficiaries of payment boletos, in accordance with art. 14;

III

rights holder: fiduciary or effective holder of the financial asset
linked to the dynamic collection boleto, referred to in art. 5, caput, item I, letter “b”;

IV - payer:

a) debtor of the obligation subject to collection mentioned in art. 4, caput, item I;

b) acceptor of the products and services, the contract proposal or the proposal for association mentioned in art. 4, caput, item II; and

c) holder of the deposit account or pre-paid payment account benefiting from the deposit or contribution mentioned in art. 4, caput, item III;

V - issuing institution: institution authorized to operate by the Central Bank of Brazil that issues a payment boleto at the request of the beneficiary;

receiving institution: institution authorized to operate by the Central Bank
of Brazil that:

a) receives funds from the payer, in accordance with the information contained in the boleto; and

b) is debtor of the recipient institution in the settlement process of the transactions of the payment arrangement for the boleto;

VII

recipient institution: institution authorized to operate by the Central
Bank of Brazil, creditor of the receiving institution and debtor of the beneficiary in the settlement process of the transactions of the payment arrangement for the boleto; and

VIII

centralized database: repository of information relating to boletos in general,
used for registration and relevant queries regarding issued boletos.

§
1º The recipient institution is the same as the issuing institution in the case of the common collection boleto, proposal boleto and deposit and contribution boleto.

§
2º The centralized database referred to in item VIII of the caput is a structure integral to the boleto arrangement.

CHAPTER III
OF THE BOLETO PAYMENT INSTRUMENT

Art.
4º The boleto is the standardized payment instrument through which information is presented on:

the obligation subject to collection, in a manner that facilitates its payment;

the offer of products and services, the contract proposal or the proposal for
association, previously brought to the knowledge of the potential payer, whose acceptance occurs through the payment of the boleto; and

III

the deposit or contribution of funds into a deposit account or pre-paid payment account
owned by the payer.

Sole paragraph. The obligation referred to in item I of the caput may be represented by a financial asset subject to bookkeeping, registration or centralized deposit in bookkeeping systems or financial market systems authorized by the Central Bank of Brazil.

Art.
5º The boleto may be issued in one of the following species:

collection boleto: used for the collection and payment of debts
derived from obligations of any nature, and may be issued in the following modalities:

a) common: does not allow changing the recipient institution or the beneficiary, who remains the original creditor; and

b) dynamic: allows changing the recipient institution, as well as the beneficiary, who becomes the rights holder;

proposal boleto: used to enable payment resulting from
possible acceptance of the offer of products or services and the proposal for a civil contract or association; and

III

deposit and contribution boleto: intended for the deposit or contribution of funds into
deposit accounts or pre-paid payment accounts.

§
1º The changes referred to in item I, letter “b”, of the caput are conditioned on:

linking the dynamic collection boleto to a financial asset subject to
bookkeeping, registration or centralized deposit in bookkeeping systems or financial market systems authorized by the Central Bank of Brazil;

instruction, by the systems mentioned in item I, of alteration of the beneficiary
or the recipient institution due to negotiations of the financial asset linked.

§ 1-A The Central Bank of Brazil may define, depending on the linked financial asset, the option for the common collection boleto to be converted into a dynamic boleto. (Added by Resolution BCB No. 515, of 10/21/2025.)

~~§ 2º The conversion of common collection boleto into dynamic is optional, provided that:~~

§
2º In cases where the conversion referred to in § 1-A is applicable, the following requirements must be observed: (Wording given by Resolution BCB No. 515, of 10/21/2025.)

~~I - it occurs without the need for physical exchange of the boleto or change in its identification code; and~~

the conversion must occur without the need for physical exchange of the boleto or change
in its identification code; and (Wording given by Resolution BCB No. 515, of 10/21/2025.)

II - the issuing institution identifies, prior to conversion, by means of consultation with the corresponding bookkeeper, registrar entity or central depository, the existence of the financial asset subject to bookkeeping, registration or deposit to which the converted boleto must necessarily be linked.

the issuing institution must identify, prior to conversion, by means of
consultation with the corresponding bookkeeper, registrar entity or central depository, the existence of the financial asset subject to bookkeeping, registration or deposit to which the converted boleto must necessarily be linked. (Wording given by Resolution BCB No. 515, of 10/21/2025.)

CHAPTER IV
OF THE ISSUANCE AND PRESENTATION OF THE BOLETO

Section I Provisions applicable to all boletos

Art.
6º The boleto must be issued in accordance with the model established by the convention referred to in Chapter VI and may be presented to the payer by physical or electronic means.

§
1º The issuing institution of the boleto must obtain the payer's consent for presentation of the boleto by electronic means.

§
2º The presentation of the boleto may be carried out in a manner that enables its payment through another payment arrangement authorized or operated by the Central Bank of Brazil, in accordance with the convention referred to in Chapter VI, observing the legislation, the regulation and the regulations applied to the payment arrangements involved.

Art.
7º The boleto must contain, at minimum, the following information:

name and registration number in the Individual Taxpayer Registry – CPF or in the
National Registry of Legal Entities – CNPJ of the payer;

identification of the issuing institution and the third-party enabler, if applicable;

III

name, address and registration number in the CPF or in the
CNPJ of the beneficiary, including beneficiaries enabled by third parties, in accordance with art. 14;

IV - the payment amount and the due date; and

the discount conditions that may be provided for in the underlying obligation
in case of early payment.

Sole paragraph. In the case of a dynamic collection boleto, when linked to a financial asset, the conditions referred to in item V of the caput must be consistent with those contained in the system of bookkeeping, registration or centralized deposit in which the asset is booked, registered or deposited.

Section II Proposal boleto

Art.
8º The issuance and presentation of the proposal boleto are conditioned on the prior manifestation of the payer regarding the intention to receive it.

Art.
9º The model of the proposal boleto must have a layout and information that ensures the payer can identify, clearly, precisely and objectively, that:

the boleto refers to the offer of a product or service, the proposal for a civil
contract or the invitation to association, previously presented to the payer by the beneficiary;

the payment of the boleto is optional and that non-payment will not cause
protests, judicial or extrajudicial collections or the inclusion of the payer's name in credit restriction registers;

III

the payer has the right to obtain, prior to payment of the boleto, all
information related to the offered product or service and to the content of the contract that governs the rights and obligations between the payer and the beneficiary; and

IV - the payment of the boleto signifies acceptance of the corresponding obligation, and the due date signifies, for all legal purposes, the final term of the period for its acceptance.

Section III Dynamic collection boleto

Art.
10. The dynamic collection boleto,
when linked to a financial asset, must contain the following information, additional to those defined in art. 7:

identification of the bookkeeper where the financial asset linked to the boleto is
booked or, in the absence of bookkeeping, the system of registration or centralized deposit where the linked financial asset is registered or deposited;

identification of the type of financial asset linked to the boleto;

III

unique identification number of the financial asset linked to the boleto;

IV - identification of the recipient institution; and

name, address and registration number in the CPF or CNPJ of the rights holder.

Sole paragraph. The information referred to in items I to V of the caput must be updated and presented electronically to the payer through an application or website of the receiving institution.

Art.
11. The issuing institution, when issuing collection boletos, must issue them only in the "dynamic" modality in the event that the beneficiary has a contractual relationship with a bookkeeper, registrar entity or central depository for bookkeeping, registration or deposit of a financial asset representing a debt in collection of which the beneficiary itself is the original creditor.

§
1º Issuing institutions must consult bookkeepers, registrar entities or central depositories regarding the existence of the contractual relationship referred to in the caput.

§
2º Issuing institutions are prohibited from:

adopting discriminatory or differentiated treatment regarding contracted bookkeepers, registrar entities or central depositories, including with regard to
tariffs for issuing the boleto referred to in the caput;

differentiating the tariff charged for issuing the dynamic collection boleto, in
relation to the common collection boleto, until the linking of a financial asset to the dynamic collection boleto occurs; and

III

conditioning the issuance of the boleto referred to in the
caput to the negotiation of the financial asset linked to the boleto only with the issuing institution itself.

Art. 12. The information relating to dynamic collection boletos must be made available electronically by issuing institutions to the bookkeeping, registration or centralized deposit systems with which the beneficiary, original creditor, has a contractual relationship, for the purposes of:

Art.
12. The information relating to dynamic collection boletos must be shared electronically between the
issuing institutions and the bookkeepers, registrar entities or central depositories with which the beneficiary, original creditor, has a contractual relationship, for the purposes of: (Wording given by Resolution BCB No. 515, of 10/21/2025.)

notice of the issuance of the boleto; and

linking the boleto to a financial asset, when applicable.

~~§ 1º The making available of the information referred to in the caput must be done:~~

§
1º The sharing of the information referred to in the caput must be carried out: (Wording given by Resolution BCB No. 515, of 10/21/2025.)

~~I - in a centralized manner, through the institution operating the settlement system referred to in art. 17;~~

in a centralized manner, between the institution operating the settlement system
referred to in art. 17 and the shared platform established by the bookkeepers, registrar entities or central depositories. (Wording given by Resolution BCB No. 515, of 10/21/2025.)

II - in an equitable manner with respect to the bookkeeper, registrar or central depository receiving the information;

III - within the maximum period after the issuance of the boleto, as defined in the convention referred to in art. 20;

IV - in a manner that covers any changes to the issued boleto , including its cancellation; and

V - in a manner that covers the return, to the issuing institutions, of information relating to changes in the dynamic collection boleto due to its linking to a financial asset.

§ 2º The convention of that refers to Chapter VI must specify the responsibilities of the issuing institution and the bookkeeping, registration or deposit system in the updating of the information of the dynamic collection boleto, when it is linked to a financial asset.

§
3º The informational content of the dynamic collection boleto made available to the bookkeeping, registration or centralized deposit systems must contain all the data made available to the participants of the boleto arrangement, including updates resulting from events related to the boleto life cycle, regardless of whether the boleto is linked to a financial asset or not. (Added by Resolution BCB No. 515, of 10/21/2025.)

Art.
12-A. The operation of the dynamic collection boleto, for each type of financial asset, must be structured based on the following guidelines: (Added by Resolution BCB No. 515, of 10/21/2025.)

I - the institution operating the settlement system of the boleto arrangement must ensure compliance with the provisions of art. 11, including informing, to the issuing institution, any error in the registration of common collection boletos in the centralized database, whenever the issuance of these boletos is out of compliance with the provisions of art. 11; (Added by Resolution BCB No. 515, of 10/21/2025.)

II - the terms, conditions and service level agreements for the exchange of information between the institution operating the settlement system of the arrangement of the boleto and the shared platform established by the bookkeepers, registrar entities or central depositories of financial assets must be, at minimum, equivalent to those defined in the convention of the boleto arrangement, as parameters for the operation of this arrangement; (Added by Resolution BCB No. 515, of 10/21/2025.)

III - the flow of information between the institution operating the settlement system of the arrangement of the boleto and the shared platform established by the bookkeepers, registrar entities or central depositories must be bilateral, by initiative of both parties, allowing both the sending and receiving of information and data necessary for the safe and efficient operation of the dynamic collection boleto; (Added by Resolution BCB No. 515, of 10/21/2025.)

IV - all regulations, manuals and other operational documents associated with the operation of the boleto arrangement, including those related to the centralized database, must be kept updated and available to the bookkeeping, registration or centralized deposit systems of eligible financial assets for use of the dynamic collection boleto, from the beginning of the development of the connection between the arrangement and the shared platform established by the bookkeepers, registrar entities or central depositories and such systems; (Added by Resolution BCB No. 515, of 10/21/2025.)

V - the settlement system of the boleto arrangement must contain records that allow tracking events related to the linking of the dynamic collection boleto to the financial asset; and (Added by Resolution BCB No. 515, of 10/21/2025.)

VI - the institution operating the settlement system of the boleto arrangement that also provides services as bookkeeper, registrar entity or central depository of financial assets subject to linking through the dynamic collection boleto shall, in the provision of these services, observe the same system for exchanging information with the settlement system of the boleto arrangement used by other bookkeepers, registrar entities or central depositories of these assets. (Added by Resolution BCB No. 515, of 10/21/2025.)

Art. 13. The Central Bank of
Brazil will issue a normative instruction listing the types of financial assets subject to linking to dynamic collection boletos.

Art.
13. A normative instruction of the Central Bank
of Brazil will specify: (Wording given by Resolution BCB No. 515, of 10/21/2025.)

I - the types of financial assets subject to linking to dynamic collection boletos; (Added by Resolution BCB No. 515, of 10/21/2025.)

II - the timelines related to the implementation of the dynamic collection boleto, for each financial asset; and (Added by Resolution BCB No. 515, of 10/21/2025.)

III

the rules and minimum requirements applicable to test cycles and the
approval process related to the implementation of the dynamic collection boleto, depending on the type of financial asset, to be conducted by the participants of the arrangement and by the entities signatories of the conventions or specific operational agreements regarding each eligible financial asset. (Added by Resolution BCB No. 515, of 10/21/2025.)

Section IV Contracting third parties for beneficiary enablement

Art.
14. The issuing institution, in the case of
entering into a contract with a third party to enable beneficiaries to use payment boletos, must ensure that the contractor:

meets the technical, operational, cybersecurity and reputation requirements
required by regulation; and

carries out its activities in compliance with the risk policies
established by the issuing institution, including with regard to the relevant regulation regarding the prevention of the use of the financial system for the practice of money laundering and terrorist financing crimes, as well as the unavailability of assets and the national designation of persons investigated or accused of terrorism, of its financing or of acts related to it.

Sole paragraph. The contract referred to in the caput must provide for the access of the issuing institution to documents and information necessary for the identification of the enabled beneficiary.

CHAPTER V
OF SETTLEMENT

Art.
15. The institutions participating in the
payment arrangement for the boleto may participate directly in the settlement of the obligations relating to the boletos, if they also participate in the settlement systems mentioned in arts. 16 and 17.

Sole paragraph. The institutions participating in the payment arrangement for the boleto that do not participate in the settlement systems mentioned in arts. 16 and 17 may contract an institution to represent them in these systems.

Art.
16. The obligations arising from payment transactions of common collection boletos, proposal boletos and deposit and contribution boletos must be settled as follows:

boletos with a value equal to or greater than the Reference Value
– VR-Boleto: the values received in payment and the corresponding information must be transferred on the same day of their receipt, one by one or by aggregated values, directly by the receiving institution to the recipient institution, through the Reserve Transfer System – STR, using a specific message from the Catalog of Services of the National Financial System; and

bank slips with values lower than the VR-Boleto: the amounts received as payment may be settled through multilateral compensation via a settlement system authorized by the Central Bank of Brazil or in accordance with the settlement procedure provided for in item I, at the discretion of the receiving institution.

§ 1º In the settlement of the bank slips mentioned in item I of the caput, the corresponding credit transfer must be sent to the settlement system to be settled within a maximum of sixty minutes from the moment the payer makes the payment.

§ 2º Regarding each credit transfer, the receiving institution may, for the strictly necessary time, fail to observe the deadline provided for in § 1º to adopt the legal and regulatory measures regarding the assessment of indications of irregularity, including the adoption of appropriate measures resulting therefrom.

§ 3º In the settlement through multilateral compensation of the bank slips mentioned in item II of the caput, the communication of payments received, made by the receiving institution to the destination institution, and, where applicable, the communication of the respective return of payments, made by the destination institution to the receiving institution, must be carried out in accordance with the procedures and hours defined in the regulation of the settlement system in which the obligations linked are to be settled.

Art. 17. The obligations arising from transactions involving the receipt of dynamic collection bank slips must be settled via multilateral compensation through a settlement system authorized by the Central Bank of Brazil.

§ 1º The settlement flow must provide, in the case of linking the dynamic collection bank slip to a financial asset:

I - the capture, by the registrar of the linked financial asset or, in the case of an unregistered asset, by the centralized registration or deposit system where this asset is registered or deposited, of the information regarding the destination institution, the beneficiary, and the destination deposit or payment account for funds, necessary for the settlement of the bank slip; and

II - the sending of information regarding the settlement of the bank slip, or regarding any other event associated with it, to the registrar of the linked financial asset or, in the case of an unregistered asset, to the centralized registration or deposit system where the asset is registered or deposited.

§ 2º It is prohibited to charge fees from the registrar and the centralized registration or deposit system for carrying out the activities mentioned in items I and II of § 1º.

Art. 18. Adjustments of differences between the destination and receiving institutions, as well as the return of funds from the destination institution to the receiving institution, must be carried out through the system used in the settlement of the original obligation, observing the procedures and hours defined in the system's regulation.

§ 1º In situations where the detection of the problem motivating the return or difference adjustment is subject to automation, both the return and the difference adjustments must be carried out by the next business day following the corresponding settlement.

§ 2º The transfers referred to in the caput, when carried out via the STR, must occur by 12:00 PM, using a specific message from the Catalog of Services of the National Financial System.

Art. 19. The VR-Boleto is fixed at R$250,000.00 (two hundred and fifty thousand reais).

CHAPTER VI
OF THE CONVENTION

Art. 20. Participating institutions in the bank slip arrangement must agree among themselves, through their representative associations at the national level, regarding observance by all participants in the bank slip payment arrangement, on the following topics:

I - the standards for the species and modalities of the payment instrument;

II - the operational procedures;

III - the data transmission hours;

IV - the rights and obligations of participants;

V - the procedures and deadlines for carrying out returns and difference adjustments;

V-A - the offer of services and functionalities enabled by the use of data and information obtained through the provision of the settlement service or the operation of the centralized database; (Added by Resolution BCB No. 515, of 10/21/2025.)

VI - the tariff and reimbursement model applicable specifically to the bank slip arrangement, including tariffs related to the use of the centralized database and the recovery of origination costs; and

VII - other aspects necessary to comply with the provisions of current legislation and regulations.

§ 1º Institutions authorized to operate by the Central Bank of Brazil that are not represented by the agreeing associations must accept the terms of the convention referred to in the caput to participate in the bank slip payment arrangement.

§ 2º The definition of the aspects mentioned in the caput, when involving the dynamic collection bank slip, particularly regarding the exchange of information with systems for bookkeeping, registration, or centralized deposit, must include the participation of the entities signatories of the conventions or specific operational agreements related to the respective financial assets.

~~§ 3º Modifications to the convention referred to in the caput must be submitted for approval by the Central Bank of Brazil.~~

§ 3º Modifications to the convention referred to in the caput, approved by a simple majority of votes of the structure responsible for the governance of the convention, must be submitted for approval by the Central Bank of Brazil. (Amended by Resolution BCB No. 467, of 4/30/2025.)

~~§ 4º Changes to the convention resulting from this Resolution must be submitted for approval by the Central Bank of Brazil within ninety days from the date of entry into force of this Resolution.~~

§ 4º Changes to the convention referred to in the caput resulting from this Resolution must be submitted for approval by the Central Bank of Brazil within one hundred and fifty days, from the date of entry into force of this Resolution. (Amended by Resolution BCB No. 467, of 4/30/2025.)

Art. 21. Participating institutions in the bank slip arrangement must establish a structure responsible for the governance of the convention referred to in Art. 20, constituted in a manner to ensure:

I - full representativeness and plurality of participating institutions in the bank slip arrangement, with free choice by the institutions, individually, of their representative association;

II - non-discriminatory access and treatment regarding participating entities and the services and infrastructures necessary for the operation of the bank slip arrangement;

III - the mitigation of conflicts of interest; and

IV - the adoption of a tariff and reimbursement model for any costs that observes aspects of equality, transparency, and economic justification.

§ 1º The definition of the associations that will have seats in the structure responsible for the governance of the convention, as well as the number of votes each will have, must be established considering the relative participation of each representative association of the institutions participating in the bank slip arrangement, based on the sum of the annual quantity of bank slips issued or received by the institutions comprising the specific association. (Added by Resolution BCB No. 467, of 4/30/2025.)

§ 2º The definition referred to in § 1º will be: (Added by Resolution BCB No. 467, of 4/30/2025.)

I - initially established based on the quantity of bank slips issued or received in the calendar year 2024; and (Added by Resolution BCB No. 467, of 4/30/2025.)

II - reviewed each time the mandates of the associations in the structure responsible for the governance of the convention end, based on the quantity of bank slips issued or received in the calendar year prior to the deliberation. (Added by Resolution BCB No. 467, of 4/30/2025.)

§ 3º The number of votes that a single association may hold is limited to 50% (fifty percent) of the total, even if its relative participation in the bank slip payment arrangement exceeds this percentage. (Added by Resolution BCB No. 467, of 4/30/2025.)

§ 4º An association that has, among its members, an institution that individually accounts for more than 90% (ninety percent) of the aggregated annual quantity of bank slips issued or received by its members will not participate in the governance structure referred to in the caput. (Added by Resolution BCB No. 467, of 4/30/2025.)

§ 5º It is permitted to share a seat with a vote by more than one representative association of the institutions participating in the bank slip arrangement, observing the rules agreed upon by the associations for the exercise of the vote. (Added by Resolution BCB No. 467, of 4/30/2025.)

§ 6º The Central Bank of Brazil will publish: (Added by Resolution BCB No. 467, of 4/30/2025.)

I - the minimum representativeness percentage used in defining the associations that will have votes in the structure responsible for the governance of the bank slip convention; (Added by Resolution BCB No. 467, of 4/30/2025.)

II - the representative associations comprising this structure; and (Added by Resolution BCB No. 467, of 4/30/2025.)

III - the number of votes of each of them. (Added by Resolution BCB No. 467, of 4/30/2025.)

§ 7º The governance structure referred to in the caput must establish rules regarding its organization and functioning, including the mandate of the representative associations comprising it, the form of meeting and representation, among other aspects. (Added by Resolution BCB No. 467, of 4/30/2025.)

CHAPTER VII
GENERAL PROVISIONS

Art. 22. The rights and obligations related to the bank slip arise, insofar as applicable:

I - from the contractual relationships established between the issuing institution and the beneficiary, including regarding the moment of credit in the beneficiary's account;

II - from the relationships established between the receiving institution and the destination institution, due to the provisions of this Resolution and, insofar as they do not conflict with it, due to the content of the convention and the regulation of the system through which the resulting obligations are settled; and

III - from the contractual relationships established between the issuing institution and the enabled third parties, due to the content of the contract signed between the parties, including regarding the moment of credit in the enabled third party's account and the definition of information that must be provided to the issuing institution to fulfill its legal and regulatory obligations.

Sole Paragraph. The contract referred to in item I of the caput, when allowing the issuance of proposal bank slips, must contain a clause regulating the beneficiary's obligation to obtain the prior manifestation referred to in Art. 8.

Art. 23. The provisions of this Resolution regarding the dynamic collection bank slip must be observed, for each type of financial asset, from one hundred and eighty days after the approval by the Central Bank of Brazil of the first system for bookkeeping, registration, or centralized deposit of the respective type of financial asset.

Art. 24. The risk management structure of issuing institutions must provide for the adoption of procedures that ensure:

I - the appropriate use of bank slip species, including in the case of the contract referred to in Art. 14;

II - the integrity of the collection obligation; and

III - the monitoring of information necessary to fulfill legal and regulatory obligations, including in the case of the contract referred to in Art. 14.

Art. 24-A. The offer of services and functionalities enabled, directly or indirectly, by the data and information of the end users of the bank slip arrangement, obtained through the provision of the settlement service or the operation of the centralized database, must be carried out in an equal and non-discriminatory manner. (Added by Resolution BCB No. 515, of 10/21/2025.)

CHAPTER VIII
FINAL PROVISIONS

Art. 25. The following are revoked:

I - Circular No. 3,598, of June 6, 2012, published in the Official Gazette of the Union on June 8, 2012;

II - Circular No. 3,656, of April 2, 2013, published in the Official Gazette of the Union on April 3, 2013; and

III - Circular No. 3,956, of August 1, 2019, published in the Official Gazette of the Union on August 5, 2019.

Art. 26. This Resolution enters into force on February 3, 2025.

Otávio Ribeiro Damaso

Director of Regulation

What changed in the obligations

Against Circular No. 3956 — Amends Circular No. 3,598 of June 6, 2012, regarding payment slips and associated fund transfer settlement (2019-08-01)

68 new obligations · 1 deadline changed · 1 change of scope · 4 changes of who is bound · 7 not carried over

25 obligations are the same in both texts.

Changed (6)

Scope
Before
"Art. 3º-A The destination institution, in the case of entering into a contract with a third party to enable beneficiaries to use payment slips, must ensure that the third party: II - carries out its activities in conformity with the risk policies established by the destination institution.
Now
- carries out its activities in compliance with the risk policies established by the issuing institution, including with regard to the relevant regulation regarding the prevention of the use of the financial system for the practice of money laundering and terrorist financing crimes, as well as the unavailability of assets and the national designation of persons investigated or accused of terroris…
Who is bound
Before
"Art. 3º-A The destination institution, in the case of entering into a contract with a third party to enable beneficiaries to use payment slips, must ensure that the third party: § 1º The contract referred to in the main text must provide for the destination institution's access to the information necessary to identify the beneficiary enabled by the third party.
Now
caput* must provide for the access of the issuing institution to documents and information necessary for the identification of the enabled beneficiary.
Who is bound
Before
§ 1º Institutions that are not represented by the agreeing associations must accept the terms of the convention referred to in the main text to operate with payment slips.
Now
§ 1º Institutions authorized to operate by the Central Bank of Brazil that are not represented by the agreeing associations must accept the terms of the convention referred to in the caput to participate in the bank slip payment arrangement.
Deadline
Before
§ 2º The content of the convention referred to in the main text, with the adjustments resulting from the provisions of this Circular, must be submitted for approval by the Central Bank of Brazil by November 1, 2019.
Now
§ 4º Changes to the convention referred to in the caput resulting from this Resolution must be submitted for approval by the Central Bank of Brazil within one hundred and fifty days, from the date of entry into force of this Resolution.
Who is bound
Before
The risk management structure of destination institutions must provide for the adoption of procedures that ensure: I - the proper use of the types of payment slips, including in the case of contract celebration referred to in art. 3º-A;
Now
Art. 24. The risk management structure of issuing institutions must provide for the adoption of procedures that ensure: I - the appropriate use of bank slip species, including in the case of the contract referred to in Art. 14;
Who is bound
Before
The risk management structure of destination institutions must provide for the adoption of procedures that ensure: III - the monitoring of information necessary to comply with legal and regulatory obligations, including in the case of contract celebration referred to in art. 3º-A." (NR)
Now
Art. 24. The risk management structure of issuing institutions must provide for the adoption of procedures that ensure: III - the monitoring of information necessary to fulfill legal and regulatory obligations, including in the case of the contract referred to in Art. 14.

New in this text (68)

1º The changes referred to in item I, letter “b”, of the caput are conditioned on:
- linking the dynamic collection boleto to a financial asset subject to bookkeeping, registration or centralized deposit in bookkeeping systems or financial market systems authorized by the Central Bank of Brazil;
- instruction, by the systems mentioned in item I, of alteration of the beneficiary or the recipient institution due to negotiations of the financial asset linked.
2º In cases where the conversion referred to in § 1-A is applicable, the following requirements must be observed: (Wording given by Resolution BCB No. 515, of 10/21/2025.)
- the conversion must occur without the need for physical exchange of the boleto or change in its identification code; and (Wording given by Resolution BCB No. 515, of 10/21/2025.)
- the issuing institution must identify, prior to conversion, by means of consultation with the corresponding bookkeeper, registrar entity or central depository, the existence of the financial asset subject to bookkeeping, registration or deposit to which the converted boleto must necessarily be linked.
6º The boleto must be issued in accordance with the model established by the convention referred to in Chapter VI and may be presented to the payer by physical or electronic means.
2º The presentation of the boleto may be carried out in a manner that enables its payment through another payment arrangement authorized or operated by the Central Bank of Brazil, in accordance with the convention referred to in Chapter VI, observing the legislation, the regulation and the regulations applied to the payment arrangements involved.
7º The boleto must contain, at minimum, the following information:
IV - the payment amount and the due date; and
- the discount conditions that may be provided for in the underlying obligation in case of early payment.
In the case of a dynamic collection boleto, when linked to a financial asset, the conditions referred to in item V of the caput must be consistent with those contained in the system of bookkeeping, registration or centralized deposit in which the asset is booked, registered or deposited.
9º The model of the proposal boleto must have
a layout and information that ensures the payer can identify, clearly, precisely and objectively, that:
- the payment of the boleto is optional and that non-payment will not cause protests, judicial or extrajudicial collections or the inclusion of the payer's name in credit restriction registers;
- the payer has the right to obtain, prior to payment of the boleto, all information related to the offered product or service and to the content of the contract that governs the rights and obligations between the payer and the beneficiary; and
IV - the payment of the boleto signifies acceptance of the corresponding obligation, and the due date signifies, for all legal purposes, the final term of the period for its acceptance.
10. The dynamic collection boleto, when linked to a financial asset, must contain the following information, additional to those defined in art. 7:
- identification of the bookkeeper where the financial asset linked to the boleto is booked or, in the absence of bookkeeping, the system of registration or centralized deposit where the linked financial asset is registered or deposited;
- identification of the type of financial asset linked to the boleto;
- unique identification number of the financial asset linked to the boleto;
IV - identification of the recipient institution; and
The information referred to in items I to V of the caput must be updated and presented electronically to the payer through an application or website of the receiving institution.
11. The issuing institution, when issuing collection boletos, must issue them only in the "dynamic" modality in the event that the beneficiary has a contractual relationship with a bookkeeper, registrar entity or central depository for bookkeeping, registration or deposit of a financial asset representing a debt in collection of which the beneficiary itself is the original creditor.
2º Issuing institutions are prohibited from:
- differentiating the tariff charged for issuing the dynamic collection boleto, in relation to the common collection boleto, until the linking of a financial asset to the dynamic collection boleto occurs; and
caput* to the negotiation of the financial asset linked to the boleto only with the issuing institution itself.
12. The information relating to dynamic collection boletos must be shared electronically between the issuing institutions and the bookkeepers, registrar entities or central depositories with which the beneficiary, original creditor, has a contractual relationship, for the purposes of: [(Wording given by Resolution BCB No. 515, of 10/21/2025.)](https://www.bcb.gov.br/estabilidadefinanceira/exibeno…
- notice of the issuance of the boleto; and
- linking the boleto to a financial asset, when applicable.
II - in an equitable manner with respect to the bookkeeper, registrar or central depository receiving the information;
III - within the maximum period after the issuance of the boleto, as defined in the convention referred to in art. 20;
IV - in a manner that covers any changes to the issued boleto
, including its cancellation; and
V - in a manner that covers the return, to the issuing institutions, of information relating to changes in the dynamic collection boleto due to its linking to a financial asset.
§ 2º The convention of that refers to Chapter VI must specify the responsibilities of the issuing institution and the bookkeeping, registration or deposit system in the updating of the information of the dynamic collection boleto, when it is linked to a financial asset.
3º The informational content of the dynamic collection boleto made available to the bookkeeping, registration or centralized deposit systems must contain all the data made available to the participants of the boleto arrangement, including updates resulting from events related to the boleto life cycle, regardless of whether the boleto is linked to a financial asset or not.
12-A. The operation of the dynamic collection boleto, for each type of financial asset, must be structured based on the following guidelines: (Added by Resolution BCB No. 515, of 10/21/2025.)
operating the settlement system of the boleto arrangement must ensure compliance with the provisions of art. 11, including informing, to the issuing institution, any error in the registration of common collection boletos in the centralized database, whenever the issuance of these boletos is out of compliance with the provisions of art.
11; (Added by Resolution BCB No. 515, of 10/21/2025.)
terms, conditions and service level agreements for the exchange of information between the institution operating the settlement system of the arrangement of the boleto and the shared platform established by the bookkeepers, registrar entities or central depositories of financial assets must be, at minimum, equivalent to those defined in the convention of the boleto arrangement, as parameters for …
of information between the institution operating the settlement system of the arrangement of the boleto and the shared platform established by the bookkeepers, registrar entities or central depositories must be bilateral, by initiative of both parties, allowing both the sending and receiving of information and data necessary for the safe and efficient operation of the dynamic collection boleto; […
regulations, manuals and other operational documents associated with the operation of the boleto arrangement, including those related to the centralized database, must be kept updated and available to the bookkeeping, registration or centralized deposit systems of eligible financial assets for use of the dynamic collection boleto, from the beginning of the development of the connection between th…
V - the settlement system of the boleto arrangement must contain records that allow tracking events related to the linking of the dynamic collection boleto to the financial asset; and (Added by Resolution BCB No. 515, of 10/21/2025.)
institution operating the settlement system of the boleto arrangement that also provides services as bookkeeper, registrar entity or central depository of financial assets subject to linking through the dynamic collection boleto shall, in the provision of these services, observe the same system for exchanging information with the settlement system of the boleto arrangement used by other bookkeepe…
16. The obligations arising from payment transactions of common collection boletos, proposal boletos and deposit and contribution boletos must be settled as follows:
Art. 17. The obligations arising from transactions involving the receipt of dynamic collection bank slips must be settled via multilateral compensation through a settlement system authorized by the Central Bank of Brazil.
§ 1º The settlement flow must provide, in the case of linking the dynamic collection bank slip to a financial asset:
I - the capture, by the registrar of the linked financial asset or, in the case of an unregistered asset, by the centralized registration or deposit system where this asset is registered or deposited, of the information regarding the destination institution, the beneficiary, and the destination deposit or payment account for funds, necessary for the settlement of the bank slip; and
II - the sending of information regarding the settlement of the bank slip, or regarding any other event associated with it, to the registrar of the linked financial asset or, in the case of an unregistered asset, to the centralized registration or deposit system where the asset is registered or deposited.
§ 2º It is prohibited to charge fees from the registrar and the centralized registration or deposit system for carrying out the activities mentioned in items I and II of § 1º.
§ 1º In situations where the detection of the problem motivating the return or difference adjustment is subject to automation, both the return and the difference adjustments must be carried out by the next business day following the corresponding settlement.
Art. 20. Participating institutions in the bank slip arrangement must agree among themselves, through their representative associations at the national level, regarding observance by all participants in the bank slip payment arrangement, on the following topics: V - the procedures and deadlines for carrying out returns and difference adjustments;
V-A - the offer of services and functionalities enabled by the use of data and information obtained through the provision of the settlement service or the operation of the centralized database; (Added by Resolution BCB No. 515, of 10/21/2025.)
VI - the tariff and reimbursement model applicable specifically to the bank slip arrangement, including tariffs related to the use of the centralized database and the recovery of origination costs; and
VII - other aspects necessary to comply with the provisions of current legislation and regulations.
§ 2º The definition of the aspects mentioned in the caput, when involving the dynamic collection bank slip, particularly regarding the exchange of information with systems for bookkeeping, registration, or centralized deposit, must include the participation of the entities signatories of the conventions or specific operational agreements related to the respective financial assets.
Participating institutions in the bank slip arrangement must establish a structure responsible for the governance of the convention referred to in Art. 20, constituted in a manner to ensure:
I - full representativeness and plurality of participating institutions in the bank slip arrangement, with free choice by the institutions, individually, of their representative association;
II - non-discriminatory access and treatment regarding participating entities and the services and infrastructures necessary for the operation of the bank slip arrangement;

The first 60 of 68 are shown.

Not carried over (7)

"Art. 3º Institutions authorized to operate by the Central Bank of Brazil that offer deposit accounts or prepaid payment accounts to end-users may appear as destination institution and as receiving institution of a payment slip.
§ 1º If the payment is made directly to the destination institution, this institution shall also appear as the receiving institution.
§ 2º In the collection slip, in the event of credit assignment related to an obligation involving the destination institution, this institution shall henceforth appear as the beneficiary of the instrument.
§ 3º Institutions authorized to operate by the Central Bank of Brazil that do not offer deposit accounts or prepaid payment accounts to end-users may participate as destination or receiving institutions in collection slips in which they appear as beneficiaries.
§ 4º The institutions referred to in the main text and § 3º of this article may pay the slips in which they appear as payers directly to the destination institutions, in accordance with art. 7º."
"Art. 3º-A The destination institution, in the case of entering into a contract with a third party to enable beneficiaries to use payment slips, must ensure that the third party: § 2º Existing contracts that do not comply with the provisions of § 1º must be adjusted by January 1, 2020."
"Art. 3º-A The destination institution, in the case of entering into a contract with a third party to enable beneficiaries to use payment slips, must ensure that the third party: § 4º The model referred to in the main text and the rules and standards for the electronic presentation of the instrument shall be agreed upon by the institutions in the manner of art. 5º of this Circular.

Against Circular No. 3656 — Amends Circular No. 3,598 of June 6, 2012, which establishes the payment slip and its species, and provides for its issuance and presentation and the settlement system for fund transfers associated with them (2013-04-02)

81 new obligations · 5 not carried over

18 obligations are the same in both texts.

New in this text (81)

1º The changes referred to in item I, letter “b”, of the caput are conditioned on:
- linking the dynamic collection boleto to a financial asset subject to bookkeeping, registration or centralized deposit in bookkeeping systems or financial market systems authorized by the Central Bank of Brazil;
- instruction, by the systems mentioned in item I, of alteration of the beneficiary or the recipient institution due to negotiations of the financial asset linked.
2º In cases where the conversion referred to in § 1-A is applicable, the following requirements must be observed: (Wording given by Resolution BCB No. 515, of 10/21/2025.)
- the conversion must occur without the need for physical exchange of the boleto or change in its identification code; and (Wording given by Resolution BCB No. 515, of 10/21/2025.)
- the issuing institution must identify, prior to conversion, by means of consultation with the corresponding bookkeeper, registrar entity or central depository, the existence of the financial asset subject to bookkeeping, registration or deposit to which the converted boleto must necessarily be linked.
6º The boleto must be issued in accordance with the model established by the convention referred to in Chapter VI and may be presented to the payer by physical or electronic means.
2º The presentation of the boleto may be carried out in a manner that enables its payment through another payment arrangement authorized or operated by the Central Bank of Brazil, in accordance with the convention referred to in Chapter VI, observing the legislation, the regulation and the regulations applied to the payment arrangements involved.
- identification of the issuing institution and the third-party enabler, if applicable;
In the case of a dynamic collection boleto, when linked to a financial asset, the conditions referred to in item V of the caput must be consistent with those contained in the system of bookkeeping, registration or centralized deposit in which the asset is booked, registered or deposited.
10. The dynamic collection boleto, when linked to a financial asset, must contain the following information, additional to those defined in art. 7:
- identification of the bookkeeper where the financial asset linked to the boleto is booked or, in the absence of bookkeeping, the system of registration or centralized deposit where the linked financial asset is registered or deposited;
- identification of the type of financial asset linked to the boleto;
- unique identification number of the financial asset linked to the boleto;
The information referred to in items I to V of the caput must be updated and presented electronically to the payer through an application or website of the receiving institution.
11. The issuing institution, when issuing collection boletos, must issue them only in the "dynamic" modality in the event that the beneficiary has a contractual relationship with a bookkeeper, registrar entity or central depository for bookkeeping, registration or deposit of a financial asset representing a debt in collection of which the beneficiary itself is the original creditor.
2º Issuing institutions are prohibited from:
- differentiating the tariff charged for issuing the dynamic collection boleto, in relation to the common collection boleto, until the linking of a financial asset to the dynamic collection boleto occurs; and
caput* to the negotiation of the financial asset linked to the boleto only with the issuing institution itself.
12. The information relating to dynamic collection boletos must be shared electronically between the issuing institutions and the bookkeepers, registrar entities or central depositories with which the beneficiary, original creditor, has a contractual relationship, for the purposes of: [(Wording given by Resolution BCB No. 515, of 10/21/2025.)](https://www.bcb.gov.br/estabilidadefinanceira/exibeno…
- notice of the issuance of the boleto; and
- linking the boleto to a financial asset, when applicable.
- in a centralized manner, between the institution operating the settlement system referred to in art. 17 and the shared platform established by the bookkeepers, registrar entities or central depositories.
II - in an equitable manner with respect to the bookkeeper, registrar or central depository receiving the information;
III - within the maximum period after the issuance of the boleto, as defined in the convention referred to in art. 20;
IV - in a manner that covers any changes to the issued boleto
, including its cancellation; and
V - in a manner that covers the return, to the issuing institutions, of information relating to changes in the dynamic collection boleto due to its linking to a financial asset.
§ 2º The convention of that refers to Chapter VI must specify the responsibilities of the issuing institution and the bookkeeping, registration or deposit system in the updating of the information of the dynamic collection boleto, when it is linked to a financial asset.
3º The informational content of the dynamic collection boleto made available to the bookkeeping, registration or centralized deposit systems must contain all the data made available to the participants of the boleto arrangement, including updates resulting from events related to the boleto life cycle, regardless of whether the boleto is linked to a financial asset or not.
12-A. The operation of the dynamic collection boleto, for each type of financial asset, must be structured based on the following guidelines: (Added by Resolution BCB No. 515, of 10/21/2025.)
operating the settlement system of the boleto arrangement must ensure compliance with the provisions of art. 11, including informing, to the issuing institution, any error in the registration of common collection boletos in the centralized database, whenever the issuance of these boletos is out of compliance with the provisions of art.
11; (Added by Resolution BCB No. 515, of 10/21/2025.)
terms, conditions and service level agreements for the exchange of information between the institution operating the settlement system of the arrangement of the boleto and the shared platform established by the bookkeepers, registrar entities or central depositories of financial assets must be, at minimum, equivalent to those defined in the convention of the boleto arrangement, as parameters for …
of information between the institution operating the settlement system of the arrangement of the boleto and the shared platform established by the bookkeepers, registrar entities or central depositories must be bilateral, by initiative of both parties, allowing both the sending and receiving of information and data necessary for the safe and efficient operation of the dynamic collection boleto; […
regulations, manuals and other operational documents associated with the operation of the boleto arrangement, including those related to the centralized database, must be kept updated and available to the bookkeeping, registration or centralized deposit systems of eligible financial assets for use of the dynamic collection boleto, from the beginning of the development of the connection between th…
V - the settlement system of the boleto arrangement must contain records that allow tracking events related to the linking of the dynamic collection boleto to the financial asset; and (Added by Resolution BCB No. 515, of 10/21/2025.)
institution operating the settlement system of the boleto arrangement that also provides services as bookkeeper, registrar entity or central depository of financial assets subject to linking through the dynamic collection boleto shall, in the provision of these services, observe the same system for exchanging information with the settlement system of the boleto arrangement used by other bookkeepe…
14. The issuing institution, in the case of entering into a contract with a third party to enable beneficiaries to use payment boletos, must ensure that the contractor:
- meets the technical, operational, cybersecurity and reputation requirements required by regulation; and
- carries out its activities in compliance with the risk policies established by the issuing institution, including with regard to the relevant regulation regarding the prevention of the use of the financial system for the practice of money laundering and terrorist financing crimes, as well as the unavailability of assets and the national designation of persons investigated or accused of terroris…
caput* must provide for the access of the issuing institution to documents and information necessary for the identification of the enabled beneficiary.
15. The institutions participating in the payment arrangement for the boleto may participate directly in the settlement of the obligations relating to the boletos, if they also participate in the settlement systems mentioned in arts. 16 and 17.
The institutions participating in the payment arrangement for the boleto that do not participate in the settlement systems mentioned in arts. 16 and 17 may contract an institution to represent them in these systems.
16. The obligations arising from payment transactions of common collection boletos, proposal boletos and deposit and contribution boletos must be settled as follows:
- bank slips with values lower than the VR-Boleto: the amounts received as payment may be settled through multilateral compensation via a settlement system authorized by the Central Bank of Brazil or in accordance with the settlement procedure provided for in item I, at the discretion of the receiving institution.
§ 1º In the settlement of the bank slips mentioned in item I of the caput, the corresponding credit transfer must be sent to the settlement system to be settled within a maximum of sixty minutes from the moment the payer makes the payment.
§ 2º Regarding each credit transfer, the receiving institution may, for the strictly necessary time, fail to observe the deadline provided for in § 1º to adopt the legal and regulatory measures regarding the assessment of indications of irregularity, including the adoption of appropriate measures resulting therefrom.
Art. 17. The obligations arising from transactions involving the receipt of dynamic collection bank slips must be settled via multilateral compensation through a settlement system authorized by the Central Bank of Brazil.
§ 1º The settlement flow must provide, in the case of linking the dynamic collection bank slip to a financial asset:
I - the capture, by the registrar of the linked financial asset or, in the case of an unregistered asset, by the centralized registration or deposit system where this asset is registered or deposited, of the information regarding the destination institution, the beneficiary, and the destination deposit or payment account for funds, necessary for the settlement of the bank slip; and
II - the sending of information regarding the settlement of the bank slip, or regarding any other event associated with it, to the registrar of the linked financial asset or, in the case of an unregistered asset, to the centralized registration or deposit system where the asset is registered or deposited.
§ 2º It is prohibited to charge fees from the registrar and the centralized registration or deposit system for carrying out the activities mentioned in items I and II of § 1º.
Art. 20. Participating institutions in the bank slip arrangement must agree among themselves, through their representative associations at the national level, regarding observance by all participants in the bank slip payment arrangement, on the following topics: I - the standards for the species and modalities of the payment instrument;
Art. 20. Participating institutions in the bank slip arrangement must agree among themselves, through their representative associations at the national level, regarding observance by all participants in the bank slip payment arrangement, on the following topics: II - the operational procedures;
Art. 20. Participating institutions in the bank slip arrangement must agree among themselves, through their representative associations at the national level, regarding observance by all participants in the bank slip payment arrangement, on the following topics: III - the data transmission hours;
Art. 20. Participating institutions in the bank slip arrangement must agree among themselves, through their representative associations at the national level, regarding observance by all participants in the bank slip payment arrangement, on the following topics: IV - the rights and obligations of participants;
Art. 20. Participating institutions in the bank slip arrangement must agree among themselves, through their representative associations at the national level, regarding observance by all participants in the bank slip payment arrangement, on the following topics: V - the procedures and deadlines for carrying out returns and difference adjustments;
V-A - the offer of services and functionalities enabled by the use of data and information obtained through the provision of the settlement service or the operation of the centralized database; (Added by Resolution BCB No. 515, of 10/21/2025.)
VI - the tariff and reimbursement model applicable specifically to the bank slip arrangement, including tariffs related to the use of the centralized database and the recovery of origination costs; and

The first 60 of 81 are shown.

Not carried over (5)

§ 4º The institutions referred to in the caput may pay the slips in which they appear as payers directly to the recipient institutions, in accordance with the provisions of Art. 7 of this Circular.”
I - the name of the payer;
§ 4º The model referred to in the caput, as well as rules and standards for the electronic presentation of the instrument, shall be agreed upon between financial institutions in the manner provided for in Art. 5 of this Circular.
III - in the case of proposal slips, text with an explicit mention of the information referred to in § 5 of Art. 4 of this Circular shall be added in a free field of the slip.”
§ 2º The convention referred to in Art. 5 shall govern the procedures and deadlines for carrying out the settlement of differences and returns in situations not covered in § 1.

Against Circular No. 3598 — Establishes the Payment Slip and Its Species, and Provides for Its Issuance, Presentation, and Settlement System for Associated Fund Transfers (2012-06-06)

69 new obligations · 3 deadlines changed · 1 change of scope · 1 change of who is bound · 4 not carried over

24 obligations are the same in both texts.

Changed (5)

Deadline
Before
Art. 8. Discrepancy adjustments and the return of resources by the destination financial institution to the receiving financial institution, if applicable, must be carried out through the system used in the settlement of the original interbank obligation, by the business day following the corresponding settlement, observing the procedures and hours defined in the regulation of the compensation an…
Now
Art. 18. Adjustments of differences between the destination and receiving institutions, as well as the return of funds from the destination institution to the receiving institution, must be carried out through the system used in the settlement of the original obligation, observing the procedures and hours defined in the system's regulation.
Deadline
Before
The transfers referred to in the caput of this article, when carried out through the STR, must occur by 12:00 on the business day following the settlement of the original interbank obligation, using a specific message from the Catalog of Messages and Files of the RSFN.
Now
§ 2º The transfers referred to in the caput, when carried out via the STR, must occur by 12:00 PM, using a specific message from the Catalog of Services of the National Financial System.
Deadline
Before
§ 2. The content of the convention referred to in this article must be submitted to the approval of the Central Bank of Brazil within 60 (sixty) calendar days from the date of publication of this Circular.
Now
§ 4º Changes to the convention referred to in the caput resulting from this Resolution must be submitted for approval by the Central Bank of Brazil within one hundred and fifty days, from the date of entry into force of this Resolution.
Who is bound
Before
Art. 6. The rights and obligations related to the payment slip are governed, insofar as applicable: I - in the relations between the beneficiary and the destination financial institution, by contract between the parties, including regarding the moment of credit in the beneficiary's account;
Now
Art. 22. The rights and obligations related to the bank slip arise, insofar as applicable: I - from the contractual relationships established between the issuing institution and the beneficiary, including regarding the moment of credit in the beneficiary's account;
Scope
Before
For the purposes of compliance with Resolution No. 3.380, of June 29, 2006, financial institutions must include, in their internal control systems, the adoption and verification of procedures that ensure: I - the proper use of each of the species of payment slip, even in cases where the beneficiary issues and presents it directly to the payer;
Now
Art. 24. The risk management structure of issuing institutions must provide for the adoption of procedures that ensure: I - the appropriate use of bank slip species, including in the case of the contract referred to in Art. 14;

New in this text (69)

1º The changes referred to in item I, letter “b”, of the caput are conditioned on:
- linking the dynamic collection boleto to a financial asset subject to bookkeeping, registration or centralized deposit in bookkeeping systems or financial market systems authorized by the Central Bank of Brazil;
- instruction, by the systems mentioned in item I, of alteration of the beneficiary or the recipient institution due to negotiations of the financial asset linked.
2º In cases where the conversion referred to in § 1-A is applicable, the following requirements must be observed: (Wording given by Resolution BCB No. 515, of 10/21/2025.)
- the conversion must occur without the need for physical exchange of the boleto or change in its identification code; and (Wording given by Resolution BCB No. 515, of 10/21/2025.)
- the issuing institution must identify, prior to conversion, by means of consultation with the corresponding bookkeeper, registrar entity or central depository, the existence of the financial asset subject to bookkeeping, registration or deposit to which the converted boleto must necessarily be linked.
2º The presentation of the boleto may be carried out in a manner that enables its payment through another payment arrangement authorized or operated by the Central Bank of Brazil, in accordance with the convention referred to in Chapter VI, observing the legislation, the regulation and the regulations applied to the payment arrangements involved.
- identification of the issuing institution and the third-party enabler, if applicable;
In the case of a dynamic collection boleto, when linked to a financial asset, the conditions referred to in item V of the caput must be consistent with those contained in the system of bookkeeping, registration or centralized deposit in which the asset is booked, registered or deposited.
10. The dynamic collection boleto, when linked to a financial asset, must contain the following information, additional to those defined in art. 7:
- identification of the bookkeeper where the financial asset linked to the boleto is booked or, in the absence of bookkeeping, the system of registration or centralized deposit where the linked financial asset is registered or deposited;
- identification of the type of financial asset linked to the boleto;
- unique identification number of the financial asset linked to the boleto;
The information referred to in items I to V of the caput must be updated and presented electronically to the payer through an application or website of the receiving institution.
11. The issuing institution, when issuing collection boletos, must issue them only in the "dynamic" modality in the event that the beneficiary has a contractual relationship with a bookkeeper, registrar entity or central depository for bookkeeping, registration or deposit of a financial asset representing a debt in collection of which the beneficiary itself is the original creditor.
2º Issuing institutions are prohibited from:
- differentiating the tariff charged for issuing the dynamic collection boleto, in relation to the common collection boleto, until the linking of a financial asset to the dynamic collection boleto occurs; and
caput* to the negotiation of the financial asset linked to the boleto only with the issuing institution itself.
12. The information relating to dynamic collection boletos must be shared electronically between the issuing institutions and the bookkeepers, registrar entities or central depositories with which the beneficiary, original creditor, has a contractual relationship, for the purposes of: [(Wording given by Resolution BCB No. 515, of 10/21/2025.)](https://www.bcb.gov.br/estabilidadefinanceira/exibeno…
- notice of the issuance of the boleto; and
- linking the boleto to a financial asset, when applicable.
- in a centralized manner, between the institution operating the settlement system referred to in art. 17 and the shared platform established by the bookkeepers, registrar entities or central depositories.
II - in an equitable manner with respect to the bookkeeper, registrar or central depository receiving the information;
III - within the maximum period after the issuance of the boleto, as defined in the convention referred to in art. 20;
IV - in a manner that covers any changes to the issued boleto
, including its cancellation; and
§ 2º The convention of that refers to Chapter VI must specify the responsibilities of the issuing institution and the bookkeeping, registration or deposit system in the updating of the information of the dynamic collection boleto, when it is linked to a financial asset.
3º The informational content of the dynamic collection boleto made available to the bookkeeping, registration or centralized deposit systems must contain all the data made available to the participants of the boleto arrangement, including updates resulting from events related to the boleto life cycle, regardless of whether the boleto is linked to a financial asset or not.
12-A. The operation of the dynamic collection boleto, for each type of financial asset, must be structured based on the following guidelines: (Added by Resolution BCB No. 515, of 10/21/2025.)
operating the settlement system of the boleto arrangement must ensure compliance with the provisions of art. 11, including informing, to the issuing institution, any error in the registration of common collection boletos in the centralized database, whenever the issuance of these boletos is out of compliance with the provisions of art.
11; (Added by Resolution BCB No. 515, of 10/21/2025.)
terms, conditions and service level agreements for the exchange of information between the institution operating the settlement system of the arrangement of the boleto and the shared platform established by the bookkeepers, registrar entities or central depositories of financial assets must be, at minimum, equivalent to those defined in the convention of the boleto arrangement, as parameters for …
of information between the institution operating the settlement system of the arrangement of the boleto and the shared platform established by the bookkeepers, registrar entities or central depositories must be bilateral, by initiative of both parties, allowing both the sending and receiving of information and data necessary for the safe and efficient operation of the dynamic collection boleto; […
regulations, manuals and other operational documents associated with the operation of the boleto arrangement, including those related to the centralized database, must be kept updated and available to the bookkeeping, registration or centralized deposit systems of eligible financial assets for use of the dynamic collection boleto, from the beginning of the development of the connection between th…
V - the settlement system of the boleto arrangement must contain records that allow tracking events related to the linking of the dynamic collection boleto to the financial asset; and (Added by Resolution BCB No. 515, of 10/21/2025.)
institution operating the settlement system of the boleto arrangement that also provides services as bookkeeper, registrar entity or central depository of financial assets subject to linking through the dynamic collection boleto shall, in the provision of these services, observe the same system for exchanging information with the settlement system of the boleto arrangement used by other bookkeepe…
14. The issuing institution, in the case of entering into a contract with a third party to enable beneficiaries to use payment boletos, must ensure that the contractor:
- meets the technical, operational, cybersecurity and reputation requirements required by regulation; and
- carries out its activities in compliance with the risk policies established by the issuing institution, including with regard to the relevant regulation regarding the prevention of the use of the financial system for the practice of money laundering and terrorist financing crimes, as well as the unavailability of assets and the national designation of persons investigated or accused of terroris…
caput* must provide for the access of the issuing institution to documents and information necessary for the identification of the enabled beneficiary.
15. The institutions participating in the payment arrangement for the boleto may participate directly in the settlement of the obligations relating to the boletos, if they also participate in the settlement systems mentioned in arts. 16 and 17.
The institutions participating in the payment arrangement for the boleto that do not participate in the settlement systems mentioned in arts. 16 and 17 may contract an institution to represent them in these systems.
16. The obligations arising from payment transactions of common collection boletos, proposal boletos and deposit and contribution boletos must be settled as follows:
Art. 17. The obligations arising from transactions involving the receipt of dynamic collection bank slips must be settled via multilateral compensation through a settlement system authorized by the Central Bank of Brazil.
§ 1º The settlement flow must provide, in the case of linking the dynamic collection bank slip to a financial asset:
I - the capture, by the registrar of the linked financial asset or, in the case of an unregistered asset, by the centralized registration or deposit system where this asset is registered or deposited, of the information regarding the destination institution, the beneficiary, and the destination deposit or payment account for funds, necessary for the settlement of the bank slip; and
II - the sending of information regarding the settlement of the bank slip, or regarding any other event associated with it, to the registrar of the linked financial asset or, in the case of an unregistered asset, to the centralized registration or deposit system where the asset is registered or deposited.
§ 2º It is prohibited to charge fees from the registrar and the centralized registration or deposit system for carrying out the activities mentioned in items I and II of § 1º.
Art. 20. Participating institutions in the bank slip arrangement must agree among themselves, through their representative associations at the national level, regarding observance by all participants in the bank slip payment arrangement, on the following topics: II - the operational procedures;
Art. 20. Participating institutions in the bank slip arrangement must agree among themselves, through their representative associations at the national level, regarding observance by all participants in the bank slip payment arrangement, on the following topics: III - the data transmission hours;
Art. 20. Participating institutions in the bank slip arrangement must agree among themselves, through their representative associations at the national level, regarding observance by all participants in the bank slip payment arrangement, on the following topics: IV - the rights and obligations of participants;
Art. 20. Participating institutions in the bank slip arrangement must agree among themselves, through their representative associations at the national level, regarding observance by all participants in the bank slip payment arrangement, on the following topics: V - the procedures and deadlines for carrying out returns and difference adjustments;
V-A - the offer of services and functionalities enabled by the use of data and information obtained through the provision of the settlement service or the operation of the centralized database; (Added by Resolution BCB No. 515, of 10/21/2025.)
VI - the tariff and reimbursement model applicable specifically to the bank slip arrangement, including tariffs related to the use of the centralized database and the recovery of origination costs; and
VII - other aspects necessary to comply with the provisions of current legislation and regulations.
§ 2º The definition of the aspects mentioned in the caput, when involving the dynamic collection bank slip, particularly regarding the exchange of information with systems for bookkeeping, registration, or centralized deposit, must include the participation of the entities signatories of the conventions or specific operational agreements related to the respective financial assets.
§ 3º Modifications to the convention referred to in the caput, approved by a simple majority of votes of the structure responsible for the governance of the convention, must be submitted for approval by the Central Bank of Brazil.
Participating institutions in the bank slip arrangement must establish a structure responsible for the governance of the convention referred to in Art. 20, constituted in a manner to ensure:
I - full representativeness and plurality of participating institutions in the bank slip arrangement, with free choice by the institutions, individually, of their representative association;
II - non-discriminatory access and treatment regarding participating entities and the services and infrastructures necessary for the operation of the bank slip arrangement;

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Not carried over (4)

§ 3. Except for credit cooperatives, financial institutions holding a Settlement Account at the Central Bank of Brazil may only act as receiving or destination institution for collection slips in which they appear as beneficiaries.
I - the name of the payer;
§ 3. The model referred to in the caput, as well as rules and standards for the electronic presentation of the instrument, must be agreed upon by financial institutions in the manner of art. 5 of this Circular.
III - in cases of offer slips for products and services, text with explicit mention of all information referred to in § 4 of art. 4 of this Circular must be added to the free field of the slip.

“Not carried over” means the sentence has no counterpart in this text; the rule can still be in force in another text.

Resolution BCB No. 443 — Regulates the payment arrangement for the boleto, the species of the boleto instrument, its issuance and presentation forms, and the settlement of associated fund transfers

Lineage: Amended

Timeline

What changed in the obligations